Regular Savings Accounts: The Best Currently Available List!

Velvet_Monkey

Band7 said:

It's important to distinguish between savings and investments, as they have entirely different T&Cs, and entirely different risk levels. Regular Savers are, as the name implies, savings accounts, not investments. Your capital in a savings account is secure, and the interest rate is pre-determined on fixed rate accounts. Though very occasionally a savings provider has offered higher than originally offered rates for fixed rate accounts, never lower. The FD RS is a good example for this - every existing account holder will automatically benefit from the 7% rate from December 1st.

Indeed. Apologies for my lazy terminology.

Andystriker

I applied for the Monmouthshire Christmas Saver 5, sending the application form with a cheque by post on 25th November.  The cheque was cashed on Friday 9th December, and I got the passbook and welcome letter on Saturday 10th December.

I have always been very happy with the service I receive from Monmouthshire B.S.

t1redmonkey

Rich2808 said:

trickydicky14 said:

liamcov said:

Not the right word but I'm 'glad' it isn't just me dealing with Monmouthshire delays.

Tomorrow will be 3 weeks since I submitted my application, to date, nothing.

Could be worse - you could be working for them processing these hundreds perhaps thousands of applications for the same account. I wonder if the manager at HQ who came up with the idea to launch this nationally - and not restrict it to locals only and perhaps existing members - will get any Christmas cards from his colleagues?!

I'm sure they've had many internal meetings at managerial level following the release of the product around what they could've done better to prevent themselves getting completely snowed under! (I imagine conclusions were probably to restrict by postcode next time and/or maybe develop their online systems to allow accounts to be opened online without humans having to set every single applicant up manually)

subjecttocontract

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

t1redmonkey

subjecttocontract said:

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

I think like most regular savers, on their own they don’t look that impressive, but if you have multiple regular savers going simultaneously, then the returns can really add up into something substantive.

Band7

subjecttocontract said:

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

Apart from the FD RS, where will you get more for putting £200 a month away for a year?

AmityNeon

subjecttocontract said:

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

Would it be more exciting if it was reframed as 45% more interest? When compared to leaving the lump sum in a 3% easy-access account.

trickydicky14

subjecttocontract said:

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

When you take the time to run and maintain around 15 regular savers, the return is well worth it. 
That's what being an MSE person is all about.

Bridlington1

trickydicky14 said:

subjecttocontract said:

The Monmouthshire B/Soc' regular saver, if you get it, is going to deliver you £71 in interest at the end of the year. Nice to have but hardly worth getting very excited about is it ?

When you take the time to run and maintain around 15 regular savers, the return is well worth it. 
That's what being an MSE person is all about.

Agreed. I love regular savers to such an extent that I've got 24 of the things at the moment with an application form for another one currently in the post. Though one of those is only open because I can pay into it by DD and further 3 are on minimal balances.

I've found they don't take up much of my time once open. It's just a case of making one transaction per month then forgetting about it and since I pay into them from the same few accounts, it only takes minutes to pay into them all. I have a spreadsheet with them listed on in order of interest rate, then when an easy access rate comes along that is higher than some of my regular savers, they either get emptied, closed or I cut off their funding.

Band7

Bridlington1 said:.I love regular savers to such an extent that I've got 24 ……..Though one of those is only open because I can pay into it by DD 

 .

Which RS is that please?